PhonePe enters payment gateway market

New Delhi, June 14 (KNN) PhonePe, an Indian digital payments and financial services company on Wednesday launched its payment gateway business to provide the best-in-class payment experience to consumers and merchants alike.

The fintech unicorn is already a market leader in UPI with over 50 per cent market share by value.

The launch of its Payment Gateway is driven by the company’s ability to handle large-scale transactions and the strong consumer trust in the platform, said PhonePe.

The space is presently dominated by Razorpay, Cashfree, CCAvenue, Pine Labs, and PayU. One97 Communications Limited, the parent company of Paytm, also launched its own payment gateway in 2012.

A payment gateway is a technology provided by third-party platforms that ensures the secure transfer of money from the customer's bank account to the merchant's payment portal.

“The PhonePe Payment Gateway is reliable and ensures 100 percent uptime for merchants and comes with industry-best success rates. It proactively detects downtimes and ensures stable success rates of transactions with real-time instrument health-tracking capability,” it said.  (KNN Bureau)